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Bank guarantee

Contract between a bank as guarantor and a beneficiary in which the bank commits itself to pay a certain sum under certain, specified conditions. Thus, a demand guarantee is one in which the bank agrees to pay against the simple written demand of the beneficiary.

News On Bank guarantee
NGT asks 10 Faridabad builders to submit bank guarantees

16-11-2017| Source:PTI

A bench headed by NGT Chairperson Justice Swatanter Kumar restrained these builders from withdrawing money from their bank accounts in the meanwhile.

Are you covered for loss of valuables if your bank locker gets looted?

14-11-2017| Source:Moneycontrol.com

In India, the government provides a cover of Rs 1,00,000 under the Deposit Insurance Credit Guarantee Scheme (DICGC).

Aircel may have to wind up operations, say analysts

07-11-2017| Source:Moneycontrol.com

Analysts feel shutting down the business using the bankruptcy route would invoke the bank guarantees of Aircel's Malaysian parent company Maxis.

HC revokes stay on invoking Rs 3cr bank guarantee of AgustaWestland

05-11-2017| Source:PTI

The Italian company may have to forego the amount as it has neither deposited it in the court, nor given a bank guarantee of a nationalised bank or banks such as ICICI Bank, Axis Bank or HDFC Bank

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